This week we bring you nine FATCA updates from the Middle East, South America, the Caribbean and Europe. Sip your coffee and catch up on the weekly roundup compiled by our research team here at Sovos.
The British Virgin Islands Signs Competent Authority Arrangement
The British Virgin Islands has signed a Competent Authority Arrangement with the United States. The agreement’s purpose is to describe how each country will administer the FATCA reporting scheme, including the timing of the data exchange, the format of the data exchange, and confidentiality requirements. The agreement is contemplated in the IGA.
Cyprus Extends FATCA Reporting Deadline to July 22, 2016
Cyprus has extended the FATCA reporting deadline to July 22, 2016. Previously, the deadline was set for July 15, 2016.
To view the announcement, please click here.
Kuwait Extends Deadline for FATCA Reporting
The Kuwaiti Ministry of Finance and the US Treasury have agreed to allow Financial Institutions in Kuwait until November 30, 2016 to submit FATCA reports to the competent authority. This extension will allow Financial Institutions additional time to register for FATCA and to perform due diligence pursuant to the Intergovernmental Agreement. This is the first known due date to be released by the Ministry of Finance.
Please click here for the press release from the Kuwait News Agency (KUNA).
United Arab Emirates Implements FATCA Registration and Filing Requirements for Abu Dhabi Global Market
The competent authority of the United Arab Emirates has executed a Memorandum of Understanding with the Abu Dhabi Global Market (ADGM) regarding the automatic exchange of information. Pursuant to this memorandum, the ADGM must register all financial institutions under its jurisdiction for FATCA. Additionally, it must create and implement a reporting system for the annual exchange of information. The memorandum also addresses the quality and accuracy of the information to be exchanged, specifies the means of communication between the competent authorities and financial institutions, and gives guidance on confidentiality standards.
Curacao Adopts FATCA Treaty to Prevent Double Taxation
The Kingdom of the Netherlands, on behalf of Curacao, has adopted a FATCA treaty which is meant to improve international tax compliance and implement FATCA. More specifically, this legislation aims at preventing double taxation for residents of the Kingdom including Curacao.
To view this update in full, please click here.
Curacao Extends FATCA Reporting Deadline
In response to financial institutions expressing difficulty supplying the requisite information for FATCA reporting, Curacao has extended the reporting deadline to Wednesday, July 20, 2016 (from the previous extension date of July 11, 2016).
Additionally, Curacao reminds users that in order to update EOI relationship information they must send a message to firstname.lastname@example.org with the following information:
- The name of the institution;
- The TIN number;
- The GIIN number ReportingFI;
- The name of the Providing Institution.
To view this update in full, please visit the EOI Community Curacao by clicking here.
Denmark Releases FATCA Update
On Denmark’s SKAT website there is an update to FATCA reporting. One of the updates is that files must be submitted in UTF-8 without a Byte Order Mark.
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